In the age of AI, Hoosier businesses cannot afford to overlook cybersecurity
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Artificial intelligence is creating new opportunities for businesses across the state. Indiana’s diverse business landscape with key industries like manufacturing, healthcare, agriculture and logistics are all seeing AI-led innovations, but they’re not alone. Hackers and cybercriminals are also harnessing AI to scale their attacks.
According to a recent cybersecurity report, 75% of security professionals have seen an increase in attacks over the past year, 85% of whom attribute that rise to hackers using generative AI. One of these attack methods – phishing attacks – is clicked on by an average of 2.9% of employees.
The benefits of strong cybersecurity expand beyond protecting data and finances to fortifying a company’s reputation and building customer trust. Further, it lays the groundwork for important technological innovation (like AI), ensuring safe work environments and strengthening critical infrastructure that can impact entire communities and economies.
While bad actors are increasingly using AI for cybercrime, Hoosier businesses are not defenseless. Cybersecurity threats can be managed and mitigated effectively with the right measures.
What to Know
Widespread digitization and reliance on interconnected systems have made all businesses more vulnerable to cyberattacks today. Employers and employees should be particularly vigilant against the following:
- Business Email Compromise (BEC) involves cybercriminals impersonating company executives or trusted partners to trick employees into transferring money or sensitive information, leading to significant financial and data losses.
- Ransomware attacks encrypt a company’s data, making it inaccessible until a ransom is paid, which can severely disrupt operations and cause substantial financial damage.
- Phishing attacks, which involve deceptive emails or messages that trick individuals into revealing sensitive information or downloading malware, are a prevalent threat that can open the door to more severe breaches.
Today, with AI, attackers can automate and scale their operations to launch more attacks more quickly against more targets. AI enables rapid scanning for vulnerabilities, crafting highly personalized phishing emails, and the ability to adapt to security defenses in real time, making these attacks more sophisticated and harder to detect. Unlike traditional threats, which often require manual intervention and are typically less adaptable, AI-powered attacks can continuously evolve, learning from each failed attempt to become more effective.
Fortunately, AI is also revolutionizing cybersecurity defense. AI helps detect and respond to threats more quickly and accurately by analyzing vast amounts of data, identifying patterns and predicting potential attacks before they occur. It automates routine security tasks, reduces false positives and adapts to new threats as they happen, improving overall security posture.
Best Practices in Cybersecurity
Simple best practices are still highly beneficial, and the below steps are critical to strengthening cybersecurity:
- Enforce strong password policies and multi-factor authentication to prevent unauthorized access.
- Regularly update software and apply patches to address vulnerabilities that can be exploited by attackers.
- Provide comprehensive employee training to recognize phishing attempts and handle data safely.
- Regularly assess risk profiles and adapt strategies to address evolving threats to ensure cybersecurity measures remain effective and aligned with the organization’s needs.
That said, different size businesses have different levels of vulnerabilities and should begin by addressing the following:
- Small businesses should focus on fundamental measures like strong passwords, multi-factor authentication and regular software updates. Employee training on recognizing phishing attempts and using cost-effective security solutions, such as firewalls and antivirus software, is crucial.
- Medium-sized businesses should build on these basics by implementing more advanced solutions like intrusion detection systems and centralized logging and consider investing in dedicated cybersecurity personnel or managed security services.
- Large businesses facing more complex threats need to adopt comprehensive security frameworks that include robust network segmentation, advanced threat detection and response capabilities, and rigorous compliance with industry regulations.
With the proper cybersecurity practices in place, the benefits of AI outweigh the risks. Hoosier businesses can turn challenges into opportunities by investing in both AI and cybersecurity to innovate in their industries and continue leading growth in our state and the Midwest.